Allegiance Bancshares, Inc. (NASDAQ:ABTX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On December 28, 2018, Allegiance Bancshares, Inc. (the “Company”) entered into Amendment No. 1 to its Credit Agreement with Prosperity Bank, as lender (the “Amendment”). The Amendment amends the Company’s Credit Agreement, dated as of December 22, 2014 (the “Credit Agreement”) which was filed with the Securities and Exchange Commission on August 24, 2015 as Exhibit 10.3 to the Company’s Registration Statement on Form S-1.
The Amendment increases the revolving line of credit (the “Loan”) to an amount not to exceed $45 million (the “Revolving Credit Loan Limit”) and provides that the Company can make draws on the Loan for a period of seven years beginning on the date of the Amendment. The principal amount of the Revolving Credit Loan Limit shall reduce annually by the amount of $7.5 million beginning in December 2020. The entire outstanding balance and unpaid interest is payable in full on December 27, 2025.
In addition, the Amendment allows the Company to use the Loan to repurchase shares of its common stock to the terms of a repurchase program approved by the Company’s Board of Directors and after receipt of required regulatory approvals.
The foregoing description of the terms of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which has been filed as Exhibit10.1 to this Current Report on Form8-K.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is incorporated by reference in this Item 2.03 in its entirety.
Item 9.01 Financial Statements and Exhibits.
Allegiance Bancshares, Inc. Exhibit
EX-10.1 2 prosperity-allegiancebancs.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDMENT NO. 1Dated as of December 28,…
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About Allegiance Bancshares, Inc. (NASDAQ:ABTX)
Allegiance Bancshares, Inc. is a bank holding company. Through its subsidiary, Allegiance Bank (the Bank), the Company provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses, professionals and individual customers. In addition to banking during normal business hours, the Company offers extended drive-in hours, automated teller machines (ATMs) and banking by telephone, mail and Internet. The Company also provides debit card services, cash management services and wire transfer services, and offers night depository, direct deposits, cashier’s checks, letters of credit and mobile deposits. It also offers safe deposit boxes, automated teller machines, drive-in services and round the clock depository facilities. The Company maintains an Internet banking Website that allows customers to obtain account balances and transfer funds among accounts.